Gencor Industries Files Q3 2024 10-Q

TL;DR

Gencor's Q3 10-Q is in. Check financials.

AI Summary

Gencor Industries Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Gencor Industries, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Players & Entities

• GENCOR INDUSTRIES INC (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 20240809 (date) — Filing date

FAQ

Filing Documents

• d634390d10q.htm (10-Q) — 536KB
• d634390dex311.htm (EX-31.1) — 11KB
• d634390dex312.htm (EX-31.2) — 10KB
• d634390dex32.htm (EX-32) — 4KB
• 0001193125-24-197832.txt ( ) — 3136KB
• genc-20240630.xsd (EX-101.SCH) — 30KB
• genc-20240630_cal.xml (EX-101.CAL) — 31KB
• genc-20240630_def.xml (EX-101.DEF) — 100KB
• genc-20240630_lab.xml (EX-101.LAB) — 213KB
• genc-20240630_pre.xml (EX-101.PRE) — 165KB
• d634390d10q_htm.xml (XML) — 414KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets – June 30, 2024 (Unaudited) and September 30, 2023 4 Condensed Consolidated Income Statements – Quarters and Nine Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Shareholders' Equity – Quarters and Nine Months Ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows – Nine Months Ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 5. Other Information 22 Item 6. Exhibits 23

Signatures

Signatures 24 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Quarterly Report") and the Company's other communications and statements may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements about the Company's beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. All forward-looking statements, by their nature, are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements depending on a variety of important factors, including the financial condition of the Company's customers, changes in the economic and competitive environments and demand for the Company's products. In addition, the impact of the invasion by Russia into Ukraine and the conflict between Israel and Hamas, as well as actions taken by other countries, including the U.S., in response to such conflicts, could result in a disruption in our supply chain and higher costs of our products. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "goal," and similar expressions are intended to identify forward-looking statements. For information concerning these factors and related matters, see the following sections of the Company's Annual Report on Form 10-K for the year ended September 30, 2023: (a) Part I, Item 1A, "Risk Factors" and (b) Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations". However, other factors besides those referenced could adversely affect the Company's results, and you should

Financial Information

Part I. Financial Information Item1. Financial Statements GENCOR INDUSTRIES, INC. Condensed Consolidated Balance Sheets ASSETS June 30, 2024 (Unaudited) September 30, 2023 Current assets: Cash and cash equivalents $ 28,780,000 $ 17,031,000 Marketable securities at fair value (cost of $ 87,721,000 at June 30, 2024 and $ 85,514,000 at September 30, 2023) 87,805,000 84,252,000 Accounts receivable, less allowance for credit losses of $ 447,000 at June 30, 2024 and $ 545,000 at September 30, 2023 2,923,000 2,467,000 Costs and estimated earnings in excess of billings 2,700,000 1,508,000 Inventories, net 63,232,000 71,527,000 Prepaid expenses and other current assets 531,000 2,169,000 Total current assets 185,971,000 178,954,000 Property and equipment, net 12,038,000 13,246,000 Deferred and other income taxes 3,273,000 3,167,000 Other long-term assets 473,000 381,000 Total Assets $ 201,755,000 $ 195,748,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,346,000 $ 3,269,000 Customer deposits 2,560,000 6,815,000 Accrued expenses 1,740,000 3,753,000 Current operating lease liabilities 359,000 328,000 Total current liabilities 7,005,000 14,165,000 Non-current operating lease liabilities 61,000 — Total liabilities 7,066,000 14,165,000 Commitments and contingencies Shareholders' equity: Preferred stock, par value $ .10 per share; 300,000 shares authorized; no ne issued — — Common stock, par value $ .10 per share; 15,000,000 shares authorized; 12,338,845 shares issued and outstanding at June 30, 2024 and September 30, 2023 1,234,000 1,234,000 Class B Stock, par value $ .10 per share; 6,000,000 shares authorized; 2,318,857 shares issued and outstanding at June 30, 2024 and September 30, 2023 232,000 232,000 Capital in excess of par value 12,590,000 12,590,000 Retained earnings 180,633,000 167,527,000 Total shareho

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View this 10-Q filing on SEC EDGAR